tv Squawk on the Street CNBC August 3, 2021 9:00am-11:00am EDT
the 200-day average price and end custom merrily do top ticker searches on cnbc from yesterday. ten-year note yield up on top of the list ge shares, apple, tesla, robinhood among the top ten as well, guys back over to you. >> all right we got to go no final check "squawk on the street"'s up right now. this is "squawk on the street." let's meet today's contestants. a television anchor and music and film aficionado from denver, colorado, carl quintanilla a restaurateur from philadelphia, pennsylvania, jim cramer. and, our returning champion, and award-winning journalist from queens, new york, david faber. and now, here is your opening bell countdown on cnbc.
♪ kicking off his stint on "jeopardy" last night to stellar reviews is, david faber. welcome to "squawk on the street" i'm carl quintanilla with jim cramer and david faber at the new york stock exchange looking to give back on monday's losses watching data showing a big increase in vaccinations and a number of companies raising guidance today including under armour, dupont, and more jimbo, start with last night's "jeopardy" which is really, it lit up twitter, i think. right, david would you you agree? got to be pleased with the response. >> rare twitter has been so kind i appreciate that, and appreciate everybody's kind comments and certainly look forward to everybody watching rest of the week it's a good week >> it did feel like david had done it hundreds of times. you were so smooth you made everyone feel comfortable. you were comfortable
some incredibly hard clues there. i felt bad for the contestants. >> yes. >> including the "final jeopardy." >> very hard john jacob bastion being the correct response i bet the producers, nobody's going to get this. they said, you don't know our conte contestants. in this case, i was right. no one get this either, and they do they get them. >> magnificent to watch them and i'm so proud of you. i'm calling everyone you put -- my partner on as if somehow i'm involved, because it was so exciting, and your calm nature even the questions, so you punched your brother david, put that in so, you like to dress up as a shrimp at the mermaid parade i'm, live to him that's our partner carl, all business look how good he looks his smile. >> that's confidence in fact, if you missed it last night, and you have plenty of chances this week to hear more take a listen to this.
>> madam, you entered "final jeopardy" with $34,200, returning champion what did you write down? >> who is morris >> no. i'm afraid that is incorrect the correct response was john jacob astor and in the kluwe may have heard waldorf the key part waldorf, astoria became a firm magnate and his family did build the waldorf-astoria hotel. what did you wager >> $15,000 >> that will take you down to $19,200. you remain, though, the champion. >> so you did that math in your head or is that popping up on the screen for you >> no screen, but there is an opportunity during the break to see what people wager. you can do that so they can quickly figure out what people are going to do. now, my understanding is trebek did basically everything in his head which is unreal.
including -- that, everything egg. but, yeah. for those of us slower, thankfully, you've got a little help there in terms of at least understanding what they're going to wager by the way, i mean, all of that going to robinhood when matt did that $15,000 lost it. >> gave money to -- the foundation didn't give it to black cannon. >> a long-running charity. started many years ago and everything goes to support poverty, front lines, so many different organizations in our city pretty hard-hit over this last year and a half. certainly happy i could do that but hard to watch when you know it's going to charity. oh, man! >> matt's starting to accumulate a lot of money. >> he's very impressive a contestant very impressive. >> like, grad school in new haven. >> yes new haven. yes. >> do you get to hang out with them separate? >> nope. say hello right at the very
beginning. in fact, what we taped and covid protocols, can't even shake hands. just say hello and get moving. yeah >> just keep it movin', man. >> it's a big deal. >> i appreciate it thanks. >> that was very much like alex, when he described waldorf. did that, and the layout. >> thank you. >> obviously -- >> the best. that is the nicest thing people have been saying that i reminded them of him. so -- i will take that as a compliment, and in terms of moving things along, we should move things along here, too. >> there are other celebrity hosts. and that's all i have have to s about them. >> my favorite, he has a kind face did you see that on twitter? >> i don't know that i did but that's very nice. >> he has a kind face. >> maybe create more viewers for our show >> doesn't hurt. >> that would be nice. >> what is gary gensler. oops wrong show.
>> but he'll be coming on. >> i just loved it. >> thank you thank you. >> and had you go rivers rivers, easy geography dominated. >> oh, my gosh oscars. >> always tough, too. >> you're good at that. >> obviously, i never got -- >> music questions >> sometimes some things transcend. that was a transcendent -- >> four more shows so we'll -- we'll still have more time. we got stuff to get to. >> a lot to get to this morning. >> and things to ask matt. beyond that hepunched his brother? a little more like -- hey, matt, did you have a coca-cola today >> more, a little more time, well, the next show with matt. because he obviously won let's move on. >> make money for people. >> yes >> talking baba over with the guys on "squawk. revenues miss up 34, a little shy. bounced a buyback a bit tos $15 billion. what are we thinking in light of
regulatory concerns? >> stock traded up about $1.50 with respect to the buyback and also pension plans, it continues. when i heard that term, this spiritual opium against the gaming i shuttered, because everybody felt that after the postschool tutorials said, listen, a class divide now they are, what i always understood they are about, next, is the dumbing down of their own people and when you play with these tencent games that's not the same as being a seven-year graduate student, a place in new haven. >> turns out spiritual opium, destroy a generation softened a bit. >> is that a take two? >> yes softened a bit later and baba has gaming as well. assessing the quarter, how much the stock is down, if it is down this morning is a result of
these latest moves from china, unclear. mobile, up $14 million, roughly based. not a -- net increase. okay $14 million percentagewise nothing like they oncesaw. >> right. >> jim, at baba. >> looking at baba for a bu buyback. >> your point is important on investors who are still hanging on in many of these chinese company stocks that trade here or in that, the education in particular you know it's going to end. it's going to end. yeah, you know where it ended? were you all becoming nonprofits. >> imagine wake up and our companies are nonprofit? >> yeah. so you're very, i think, right to point to the riskier, the still risks that stands out here is, as the -- as the chinese authorities continue to take action we're not sure where it actually ends. >> every night we get the, the -- from cathiewoods from
arc. say the chinese are no longer woodstocks sells a little every day. >> turned tale on a lot of those systemically by the way, doesn't help release pushouts that resulted in them guiding below for q2 revs. >> very rough, because this quarter was extraordinarily good but you had to push back a couple of big releases lost nba 2k, a gigantic hit in china. now is that spirit chul opium? >> right. >> i'd be worried. >> you'd be worried about -- >> take two spirit chuual opium. apple mean as great deal but already passed the test. starbuck incredibly well nike, people felt someone would ask about the concentration camps and leaders, by the way, do you think chinese allowed that moment to just -- pressed that button. and can i just say, one of the bravest journalists.
>> eunice always gives it to us straight and we certainly appreciate her reporting. >> she's the one who said that they first, spirit chuual opium then walked it back. they keep sucking you in spoke with peter navarro last night. >> what did he say please, don't tell us. thank you. okay >> peter navarro. >> navarro a guest tonight on "jeopardy." >> looking for something to do. >> he and i are going to the mermaid parade together. >> dressed as a shrimp yes, but, no incharge of china reses and said, listen, these are all very big pigeon holdings in the united states. and we forget. these companies were, because they're in these indices, msci, they are gaffing, gaffing at people worldwide, because the communist are back to being, their communists. >> the one i wonder.
>> they are still interested in having a -- a strong capital market certainly over there. >> and the companies -- >> may not want the -- the executives of some of these companies and the multibillionaires that have been created to have a great deal of power, but it's unclear to me they really want to kill the goose that laid the golden egg. >> is it authoritarian capitalism or authoritarian communist? >> what did navarro have to say? >> you know, navarro says not capitalism it's just outright dictatorship, and that we act as if somehow they were allowed in to the rest of the world commerce, and that they are good corporate citizens and they're not. >> well, this morning the final director of national intelligence under the trump white house is saying that the beijing olympics six months away should be pushed, because of the very concerns that you're highlighting i'm sure peter navarro
highlighted. >> jimmy carter pushed the russians that ended that olympics the olympics -- >> that was 1980 l.a sorry. '84. wait '80 in moscow and they didn't country to '84 in l.a. the russians. >> look at that, the rock. right? roc. there's "the rock" and then the russian olympic committee. there's just so much crazy stuff about the olympics, but i think that, that the chinese are -- it's just going to get worse and worse. i see people -- yeah, john chambers on "techcheck" said it's going to get bumpier before it gets better. >> semi, pro-american. >> and reporting that perhaps you get a one-on-one with xi and biden at some point. >> really? >> yeah. >> "the journal. >> at least on cybersecurity issues >> just feels like when -- when truman met stalin and said,
don't worry, i can deal with it. uncle joe. there's no uncle joe here. this guy is a dictator for life. >> yes, he is. >> right >> yes, he is. president for life. >> and i have to tell you that when i -- >> great power. >> could he go after alibaba? why not jt it's a consumption model and the chinese should not be consumers. >> well, that's -- come on you know that's not the case they are encouraging a consumption economy, have been taking people from the rural areas into the city, creating a middle class now hundreds and hundreds of millions of people. >> they're going to need airplanes. >> maybe they deem there should be a 50% offset? anything's possible with this regime we are kidding ourselves this regime, what i hear, money mongers, yesterday afternoon, do not worry. they are done once they've done the after-school and then -- i read about spiritual opium in the middle of the night?
they're not done, any of them. they're not. >> you may very well be right. so far you have been. >> thank you. >> you're welcome. >> can i be on "jeopardy"? >> sure. if you past the tests. >> i hear it's hard. >> yeah. it's hard. >> what would you describe me as person described -- >> already heard it. >> play it again i don't know if we have it donny, do we have that can't rerack that? >> i actually know who won -- >> no, you don't. >> i know. just felt like i would say that. >> don't get me in trouble >> one of the most exciting -- i mean, jim, what are you are, take a listen. >> what? what do you th >> here. >> this is "squawk on the street." let's meet today's contestants. a television anchor and music and film oh aficionado from denr colorado, carl quintanilla a famed stock market investors
and restaurateur from physical, pennsylvania, jim cramer, and a returning champion and award-winning journalist from queens, new york. david faber. and now -- here is your opening bell countdown on cnbc. >> good monday morning welcome to "squawk on the street." [ laughter ] >> take a look at futures. we'll take a break here and get to breakouts today under armour, dupont, cummins. oil, too, breakingel bow 70. down for the second day in a row. we're back in a moment. hei and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business...
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xbrshgs. and now here is this week's host of "jeopardy," david faber. >> thank you, john and gilbert. >> now a "jeopardy" mad dash doing all week long. contestant famed restaurateur, james cramer jj anybody call you jj? >> yeah. my dad did that's about it. >> all right what do you choose from here on the board? >> can you ask it in a more formal "jeopardy" way? >> jim, go to the board. you're up first. >> reopening for $300. >> the clue, this apparel company is back on its force. >> ralph lauren? what is ralph lauren oh, my god oh, my god what is cacada i got cheery. >> just get a warning. in "double jeopardy" got to do it. >> i got jittery.
the ceo managed to get out of the low end. really into high end no more football youngkin have seen his stuff go down to marshall's, t.j. maxx, no kohl's only in high-end simon property malls does well i got to hand it to him. ralph lauren historically is exact, and levet met the standards of ralph, executive chairman and creative director it's a remarkable -- duo, and i just think that this thing can go much higher up five yesterday. >> ahead of the print. >> ahead of the print. >> and you think it can go much higher simply base and the exec execution? >> new strategy. doing incredibly well. i'm a purple label guy, but all high-end brands now. that was a premierization, and
tiktok, huge number of customers. >> really? >> spiritual opium, tiktok. >> owned by bytedance, incredibly large private company. >> right rich people. >> with some large u.s.-based invetters. >> ga. >> yes >> worth pointing out. very worried about this morning, concerned the stock up five yesterday. how do you doptop that the answer deliver a number great across every single one of your brands. contrast with another company down on every single one of ds brands and congratulations, because this has been a transformation that has, like, club monaco is gone. i didn't know. thank you. i didn't know. >> you threw a clue at me just now about a company that's down across the board in all of this. what is clorox >> yes exactly. >> okay. because we do need to talk about that, which we will as we get
closer to an opening bell, about six and a half minutes from now. >> how much is that? you're up. >> i didn't actually pick a category. >> i know. >> we do have that opening bell. we will get to clorox shares you may have seen top of our show. down as much as, or maybe down as much as 11% hey, don't miss me all week on "jeopardy." >> getting close at yr owth'soush.
>> announcer: the opening bell is brought to you by -- jim mentioned clorox before the break, and, in fact, they did miss on the top and bottom line organic revenue down ten gross margins down by 900 basis points year on year, jim looks to open around 163 set you back basically to when covid began. >> yeah. i mean, what is really a shame, on tonight for "mad money" is that there was an expected misses but literally, every one of health and wellness household, lifestyle, international, organic. find out more about what happened at this great company,
because i know -- i know that linda the adamant laws locked in many good things and got to find out more because this is a storied company that has always been ripe to buy, but, remember, they're going up against incredible comparisons because clorox was one of "the" most obvious winners in the pandemic, and they're not bouncing back. it is very disappointing. >> yeah. well, there's the -- the degradation and demand and then the higher cost in the input stores. >> telling david, i'm going to an analyst meeting tomorrow just to learn a little more about resin and plastic, but you had all of the, all the things that have just been wrong with freight raw costs, but that consumer demand, know, we didn't have the consumer demand well, that's kind of jarring. because, remember, they're also kingsford, salad dressing. a lot of different divisions, and it was -- i'm going to look
to find -- >> wasn't as though the stock was running up into this. >> no. >> there had already been some market cap taken out on the anticipation of tougher comparisons. right, jim >> true, true, but not nearly enough that people had lowered and lowered and lowered estimates. >> street's at 760 they guide fiscal '22 to 555. >> ooh. >> bitcoin, which is way below. >> i know they have things they want to talk about tonight put it in perspective, but all i can say is that, when i see a number like that, uncertain demand i have to say that great, materials, manufacturing, logistics, consumer demand uncertain? horribly below estimates and the margins are just terrible. just -- like the business about how -- a great brand that was a great brand, did not have good numbers. there's no -- i can't -- i would have argued maybe should have
pre-announced. that bad [ cheers ] >> that's great. come on. got to like that >> true. opening bell here in the cnbc realtime exchange at the big board. a home insurance start-up celebrating its listing via spac acquisition spac celebrating its ipo. >> spacs are back! >> check in with you, jim, on crude. 69.75. i know you tweeted yesterday that ten-year 115 was beginning to freak people out. >> totally permian is continuing to pump, when they get at these levels, the oil companies are very happy. to pump as much as they can. let's not forget that this is a lot of them, they have really cut costs. i -- i know the guys at devon and they have a level of discipline that has become the
model for the industry and they can make a ton of money at these levels. >> they can? >> they can. >> permian make as ton of money at these levellevels. >> and the money not spent to open up -- >> that's what's really interesting. that they're it just returning it to shareholders now, bp with a remark return to shareholders in dividends today. these are brand new. the way these are handling their future is traumatic and don't forget in some places they don't want to drill, because, wait a second the president doesn't want drilling. now, it's very different than the previous president these are companies that are kind of caught in the cross hairs have to do much more esg, can't drill as much. people looking at methane levels and david, you know after what happened, religion. >> yeah. you're talking about engine one and few directors which may, i said many times, a reflection
more of frustration amongst shareholders extended over a long period of time and might not be something we can necessarily say will fly to chevron or the next oil company and the next fossil fuel company in some way. you're right, jim. listen, what they're not doing is, i mean, exxon only spent $7 billion in cap x first half of the year and brought in overall. only $7 billion. >> interesting, of course, oil's up so much but you could argue, hey no oil so up? capex pbudgets went down. it is supply and demand. we were swing producer and decided to dut back by a couple million barrels. not announce, because we're not opec oil can fall gas prices went up but oil had a big spike and now people are looking at the ten year saying anything commodity oriented is coming down. when i spoke to dupont this morning had a remarkable
quarter. hope the stock's still up, but dupont, ed breen is talking about the idea that maybe we're a little further along, the commodity curve. in that sense, our -- oh come on. what the heck does this market want what does this market want >> finish your thought. >> the idea is that -- >> maybe further along in commodity prices that 89% through, right. >> but -- i thought dupont's quarter good great semiconductors, constraint tiebacks involved in housing did a great job and actually surprised. i thought that stock would be up. because every single line with the -- with the exception of some aerospace, was very good, and i guess you have to have every single line be great raise your numbers do a buyback, increase dividend for heaven's sake! micron gave you a divot. >> first time.
even in xpi, which had auto revenue up 80-plus grows margin beat. it's down a tad. not as big as a blowout -- >> a lot of people playing xpi as free scale as "the" auto company. now, i contend, look out it's on semi which is up again today. that's the one i like at, al cory on "mad money" later this week tremendous oil business. been very aggressive now, remember, the oil business is really about full featured semis. versus the high-performance computer semis that, by the way, marvell is focused on with an interesting acquisition to some degree, they want to own the data center, and that stock's down now, come on you can't cheat snowflake's up. >> another nair. discovery. future home of warnermedia
warner discovery you know still aways from closing that deal conference call, i'm not sure if it's ended started around 8:00. and -- stock's down over 4%. obviously, a long way from the 78 bucks, go back -- you can see it there. >> 78. >> remember the $78 hit on argagos, and down 7% for this year, of course, but continuing to move along. ads are very strong. back to 2019 levels. the problem is ads keep going up but your audience numbers keep coming down. so -- unfortunately -- well, fortunately or not, fewer people watching old-fashioned tv, cable tv. >> hg tv remains, do you follow hg at all? that stock is down -- remember that big upside surprise they had? stock has kind of settled in, but got a 7.3% yield. >> you're just -- sorry i'm
laughing you're unrelenting you are unrelenting. >> what is the yield, when about to go lower? >> at&t when they cut the dividend, do the deal and of course free up an enormous amount of capital. >> great all right. >> wireless. they do. at least give the other side of it as for discovery, you know, one of the question, of course, will be sort of, got hbo launching a new market and discovery plus. maybe they pair some of those back as they wait to get together to launch together in those markets. where are they 17 million subs total right now from discovery plus, but you can see where things stand there you guys saw this reese witherspoon deal talked about it a lot yesterday. $1 billion by the way, blackstone, it is interesting. blackstone creating, again if they get it right, what they hope will be an arms supplier to the likes of so many of these direct-to-consumer platforms, because they are only consumed using their own content. right? warner's going to produce for discovery plus paramount produce for paramount
plus universal produces for peacock disney for disney plus and on and on maybe opportunity to fill in the gaps sony pursuing that opportunity make blackstone will be able to. $700 million equity check roughly i'm hearing. reported only 5, 7 -- also i hear there was another bidder on top of blackstone but -- she's -- she's great, reese witherspoon. apparently also going to keep a lot of rights there as well. minority protection rights so as they dilute her down she will still have, keep her brand and keep it the way she wants it to be. no halston did you watch that on netflix? that was good. lost his name! can't lose your name. >> no. here goes lilly again. every time they open -- m >> coming out with a new car and the ceo as well. >> does someone like a scarlett johansson ruin her marketability
in that nasty law spat >> i don't think anybody comes out looking good. >> the rock, estrangement being iger and the first concrete result of that, that discord and that there's some within disney pointing to jac peck. >> taking control at disney and bob is going to be thinking about what he's going to do after the new year into the new year. after obviously one. most storied careers as ceo we can certainly remember but you've got to, at some point, cut your ties right? >> yes. >> if you're jay peck say, only one boss at a time and -- >> also got another variant. the delta variant. people are canceling trips. >> well -- that's a good -- >> i mean, tsa, five days in a row now up 2 million-plus. haven't done that since february
of last year. >> i athink florida. look at that map disney, book in advance, don't cancel i looked what's going on in flag i say, know what take a pass going to florida right now. >> hospitalizations at a high. thankfully deaths are not. not near where they were. >> one of every three cases in the last week is from texas or florida. if you live in the northeast, idaho, california, you might not be feeling the same way as you would if in florida. >> san francisco -- >> a name you're not even hearing about covid. >> i see the "times" saying now that new york city is expected to require prove of vaccine for indoor dining. >> really? >> yep >> that's just to try to get everybody vaccinated you know >> but no mask mandate. >> right. >> going to be very tough. people really resent it. really resent it >> guys, i did want to come quickly to a company we rarely talk about kkr. reporting numbers. not going through all the numbers but point to one thing i think is reflective overall with
the avalanche of money out there, guys. they raised $59 billion in a quarter for their funds to put that in perspective, last year they raised $44 billion. $59 billion into related funds and so many platforms become a lot more than pe now pursue different strategies. blackstone, talked good about. kkr a large capital markets presence there, compete with the more established sort of names that we know in that area. but also still pursue a lot of pe i was just -- that number itself was quite astonishing, to raise that much in one quarter, just shows how much money is sloshing around out there looking for a return that's why if you go over what nuell has done nuell brans. systematically reduced pe firms, thrive when you sell a vision suddenly it's something they can be laser focused, create -- take costs out and come public again.
joking about it. with -- look, i have to tell you i think the ceo is doing a remarkable job and martin franklin, sold was not happy how it was handled by mr. polk. >> correct. >> now like what's they're doing. i just was like, the different brands they got bought by private equity, extraordinary and all making a ton of money. >> a lot going in, a lot coming out. exits, the spac market, but it's an important point, i think. again, kkr shares unnot much 1.3. >> david -- would you say the average spac right now is sitting on spac manager sitting on their hands waiting for something to come out? >> i think they are. i think they are a lot of them, you know, the pipe market frozen up. remember the privative investment and public equity went along with announcing your deal bring in the likes of fidelity and t. rowe, so many other names to invest as well at $10 a
share. that's kind of frozen right now. for a number of reasons. and so we'll see when things unfreeze on that side a bit, but, know, there's plenty of -- there's money still chasing a lot of deals pe portfolios, opportunities in some of these spacs for taking companies public. >> definitely. >> then blackstone, likes to roll in with you to some extent. you can see where we are now on that i mean, that's -- that's -- >> that's bad. >> degradation. >> really ugly. >> meantime, know what went up along with spacs now back going up, we don't talk about it enough is tesla. >> yeah. >> people like tesla and liked it because nothing was wrong with it. and, by the way, a lot of people saying, bitcoin. that's been problematic for them wasn't with tesla and sure wasn't with square so even though you see bitcoin and it doesn't act well. people take write-offs the market's very forgiving, if you've done bitcoin.
very forgiving important to remember, because bitcoin was part of this whole era of robinhood, bitcoin. >> speaking of -- spacs, did you get a good look at those nickel earnings >> yeah, you know -- >> 73 cents above $10. not the biggest news, indictment of trevor milton last week may not be done there either important to keep in mind. got the doj and the s.e.c. and fbi which do often work together on these kinds of things doesn't mean they're just going to stop at trevor. does it? >> wait a second go back to under armour, yesterday's "jeopardy" question. >> okay. >> a million and a quarter remember the justice department was all over them? yellow jackets, that was wrong the justice department backed away. >> did they bring charges? did they indict? >> no. >> investigated, investigated, had nothing. >> a little different. here they indicted read the complaint an innocent man until proven otherwise. >> innocent man?
what is he, billy joel >> the response from his lawyer was, the language pretty out there. every executive in america all to be horrified, terrified >> why because they pushed the truck downhill >> yeah. >> to show the thing was working? what exactly has done that that i know of procter & gamble i mean -- no >> it was -- >> they never said the truck was under its own power. only implied it. >> like the orders >> said somebody actually -- >> foot on the gas >> solid orders. but didn't have orders >> i mean, these guys. depends what the meaning of order is. >> it's like "is." the word is. >> or what is, is. started with gains lost on the dow. ten-year yield settled back a bit. now back to 116 or so. >> oh, my! >> get to bob pisani. >> good morning. happy tuesday. happened yesterday started strong and through the middle of the morning,
weathering happened again. today earlier. defense leading here reit stocks doing better early on a good leadership group throughout the quarter turning negative all positive at open energy, industrials, banksalities worse overall here. market trends, good news earnings keep rising talking about the third and four quarter estimates what matters margins are 13%. records for the first and second quarter. that's why the market's holding up trend overall, kind of flat. not surprising this time of year leadership, say, oh, tech. chumley this quarter defensive utilities and real estate investment trusts are the main leadership groups and, of course, the big market mover is the delta variant. who could sochl the delta riddle that's the question. is it going to wane, going to get more intense just going to fizzle out nobody quite knows a lot of comments on this this morning. we saw things, for example, with marriott ceo there.
anthony cap lilano. a close eye on the delta optimistic upward trajectory of the global economy will continue. doubled revenues from a year ago. take a look. marriott down a little slightly short i think revenues bullish expectations you see the travel and leisure stocks particularly the rest of the hotels all trading down today. dupont really benefitting from that rebound i know jim spoke about it earlier, but in chips and autos. look at these numbers here excellent. electronics and industrials, materials and mobility and materials, auto sector raised prices in that sector 13% in the quarter to offset higher raw material costs clorox not able to raise prices to offset commodity prices in inflation but other companies. looks like dupont is able to do that so they did very, very well. dupont's held up very well throughout the quarter as you can see. maybe a little worse than the s&p 500. one note, simon property group,
erasing funds from operation, ffo guidance, what matters with ro ro reits, sales at shopping centers returned in june optimistic and covid variants, hine kirn one of the few yesterday said a definite sales impact but specifically referring to southeast asia to vietnam, to malaysia and indonesia. waiting for more what's going on there. david, very proud of you and your efforts last night. john jacob astor, wonderful question at the end. empire state building. went back for the 30th anniversary to do a story found the original john jacob astor maps for the property. a large stream going right through the middle i asked what happened to the giant stream right here on the aster map? he said, still there took me into the basement. eight stories below the building to stream the john jacob astor, boy, still there
pump out the water every day a giant pumping system eight stories down to pump all the water out from that stream that's still there of course, you noted, john jacob astor largest property owner in new york in the mid-1800s. quite a feat and quite a show. cheering you all the way. >> appreciate it thank you. a lot of streams run under new york city. a buddy uptown, got a townhouse with a stream running under his house. you can hear it sometimes. water's got to the go where it's got to go. great. i didn't know aster was the largest single land owner in the city of new york. >> not one of the questions this week, right? >> no. we're done with that. >> bob knows his real estate make no mistake. going into break, the bond report treasuries, faring, yield settled back from some of the earlier highs of the day back to 116. dow down 61. s&p trying to hang on to a gain. back in a moment.
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thing, you'll be doing five -- you know what i mean >> i remember when they bought tropicana in 1998. but is it became a very strong business for them. and the naked juice franchise, perhaps sales are not what they were >> terrific. >> jim, honestly, when do you drink juice? every single morning i have a big glass of your grape fruit juice. i'm obviously not who -- they apparently think that these drinks are falling out of favor. i still love the o.j. and grape fruit. i'm a creature of habit. >> soda doesn't have sugar what am i missing here >> they do have a lot of calories >> blow out your calorie count for the day.
portfolio optimization, as they called it today. what about tonight >> clorox yields 3%. >> i think we're up against eight in some markets. >> are you are we i >> no. i just think that let's find out what happened. i mean, come on. more than a hundred--year-old brand. doesn't have to be like i don't want to touch that now what did we say at wall street derisked it's derisked. >> it is today they've got wind tonight they've got -- >> would you stop. >> we'll see you tonight, jim. "mad money." >> you'll see jim and matt
we're expecting our june read on factory orders factory orders trickling out 1.5% that is better than the 1% expected until this point, it follows an unrevised up 1.7 in terms of ex-transportation or durable goods orders, they're a very volatile series we do want to point out some things going on here we see deals are dropping, as well as treasury yields. durable goods order headline, up 1.9. that's a bit better than up 7 to 8/10ths that we're expecting still don't see x-transportation, a proxy for business spending. i'm go tag kick it back to you when we see the rest of the data trickle out, i'll make sure i get in your ear.
>> rick santelli welcome to another "squawk on the street." morgan has the morning off dow's down off the early lows, as we see a mix of vaccine mandates our road map begins with 10 cents. after online gaming is, quote, spiritual opium. plus, we'll have an exclusive with ken, talking everything from mark ltsz, return to work and a lot more and our very own david making his guest debut on "jeopardy" last night. i have a lot to say about that but first, we're 30 minutes to the trading session. we'll start with clorox tumbling, missing on the top and bottom lines for the latest three months they're seeing sales fall from a year ago, when consumers were
stocking up amid the pandemic. lilly's overall result impacted by weaker sales of covid-19 therapies. and we'll end on 10 cents plunging likening online dating to a drug and let's get straight to eunice live in beijing with the latest. obviously concerns around the recent crackdown eunice >> reporter: that's right. what's interesting is the state media outlet has toned down the language around this report. earlier, a journal linked to the news agency has attack online gaming, calling it opium of the mind once that report has raised fears in the market that beijing could targ that online gaming industry next, we saw quite a
bit of a change where the report disappeared and only later showed up with a blander title online gaming grows into industry worth hundreds of billions so, pretty boring. the feature is still critical. and the government has, in past years impacted the -- jinping called the online gaming and addiction a potential mental health concern for young people. so, not clear where the regulations are going to go but beijing does appear to be sensitive to the fact that this is having a knock effect on the stock markets. because the article was delete and reappeared with a softer tone 10 cents has unveiled curbs fo
kids access to the flagship game a scaling back the gaming time for children under the age of 18, and also putting in safeguards to stop teenagers from posing as adults to get around the parental controls carl >> thank you very much as we're asked to absorb more headlines out of china i think you might have a little bit more, right, rick? >> absolutely. in fact, factory orders last month, at one point, 7 becomes 2.3. that equals the high of the year in january you take out transportation, it remains close to the 1.5 it's 1.4 we can see transportation did not make a huge difference this is mostly headline-type activity they moved down to .5.
both significantly better than expected capitol goods orders, a proxy for business spending, up a whopping 7/10ths the best number since april. we had two up 1.5%s in a row and shipments verses orders, up. these are good numbers i do caution interest rates seem to be moving in the wrong direction. maybe booms are leading the way, as they're approaching minus 50 basis points or half of 1% back to you. >> along those same lines, cnbc showing american's views on the economy have taken a turn for the worse. >> the rise of the delta variant, the virus is surging inflation.
it will cause views to fall sharply. that's according to the all-america economic survey. the public say they're pessimistic about the current state of the economy and the outlook. just 22% give the economy positive marks views worse than they were in the height of the pan domic in the spring much more so than they were in april. but they've grown more pessimistic and, to a lesser degree, so have democrats. both virus and inflation trump areas of concern for the public. and the most frequent means you can see there, reduce spending on discretionary items, like eating out but said they were driving less and saving less money. 59% of the public say they think all they could find a similar or
better job with better pay it was really strong among 18 to 34-year-olds or young adults but the overall pessimistic tone crept into views on the stock market just 33% i think now is a good time to invest in stocks that's the lowest since 2016 and lower than it was during the worst of the pandemic. increased pessimism on stocks includes the wealthiest americans. question now, whether the pessimism translates to less spending by americans. many of whom, because of all the assistance right now, are flushed with cash. >> joining us to talk more about the economic recovery, owen thomas good morning grirltsz to have you on squawk on the street. >> pleasure to be with you
>> what is your honor optimism >> we are seeing workers return to the office. if you look at the census in our buildings, the number of employees in the buildings today, verses february of 2020, it's been increasing over the summer on a regular basis. many employers have either had their employees come back to work or announced plans in the coming months. we continue to believe labor day is an important inflection point. >> your numbers were good. but there is a feeling out there, owen, that companies are reducing commercial real estate, office space, leases they're letting people work from home, doing the hybrid thing how much of that is actually happening? >> in the second quarter, we just announced last week, we've leased 1.2 million square feet
of space the average lease term was 7.5 years. that was 90 perb of our long-term averages for the second quarter so, we're definitely seeing interest in employers in taking more space i haven't spoken with a business leader who doesn't think in-pushesen work is important to the future success of their company. and i think they will provide a hybrid work benefit to many of their employees. but don't forget, if you're going to try to save space, you have to schedule people's time out of the office. and you also -- you cannot give everyone a fixed work station. i think many don't want either
of those characteristics in their workplace. i think the hybrid model -- >> let me jump in. i have the same conversations because i think it's a fascinating change right now and at the end of many of them, the ceos often say i don't want to lose people, so we're going to go hybrid and if i can save nony on the real estate footprint, all the better when you think of the capacity in new york, it's unclear to me how you get fully leased buildings in the city or other metropolitan areas >> that's an extreme statement as we're both agreeing employers and business leaders understand the importance of in-person work and say the are, over time, going to want their people to work in an office as much as possible
many use their space teex press their brand and create connectivity with employees. and it's important to have high-quality buildings, which we do have at boston properties having the highest quality buildings thrksz best spaces and places, as we say, is going to be important for the business leaders to attract their employees back to the office and having them want to return to the office >> i did notice yesterday the loan officer survey out of the fed did site stronger demand for commercial real estate loans and i wonder what it would lead you to believe >> i think there's significant kmrlg commercial activity going on in the sale of buildings.
it was 23 or 24% of the average of all commercial transactions that went on we at boston properties, we're not only saying we think people are going to return to the office, but we're putting our money where our mouth is because we announced we bought four buildings in four separate markets. some of which are new to us because we believe in this return to the office trend >> yeah, well, you and i are in agreement of the benefit of it but we'll see how it plays out i wonder are you pivoting at all in terms of some of your strategy, to prepare for the possibility that more people don't return the distribution of goods have become ubiquitous 367. >> a couple of deals we mentioned were office investments.
today the life science, lab buildings for face is occupied by life science companies, it's about 6.5% of our revenue. we have new developments underway in lab buildings and offices convrgdss to lab and about 5.5 million square feet of land and other buildings we convert. that is an actionable ajaceancy we're pursuing >> i notice you're pretty exposed to american sitacy on the coast. washington d.c., new york, san francisco. we saw this great migration away from cities during covid-19. how much are you noticing that as you do anticipate this return to work? >> yeah, we believe in our gateway strategy we believe in d.c., new york,
boston, l.a., san francisco and now seattle. we think these cities provide unparalleled opportunities for social activities and they're very atrpractive to skills employees. we've studied, to your question, the u.s. postal service relocation data in 2020 for new york and san francisco, for example. and most of the relocation that occurred, did not occur to a whole different state. when you look at new york, a lot of the address changes went to the hudson valley, long island, new jersey florida was way down on the list most of the address changes were to marin county, east bay, and los angeles, for example texas and out of state was down the list i think you're seeing now look what's going on in the residential markets around the city
they're very active. rentsz are going up, employees are coming back to the major city >> thank you so much for joining us boston properties ceo. in case you missed it, david faber making his guest host debut on "jeopardy." >> pumper nickel is a cozn to this bread >> rye >> rye bread you have a commanding lead but all three of you will be playing in final jeopardy. let's look at our category historic businessmen something i've spent a good bit of time on >> i think that's onef the only clues i knew, pumper nickel. as i text you during the show, your enunsiation was excellent >> i got a text from so many people saying great job.
and hers said great enuns yagsz >> was it hard >> you just got to keep your head in the game not like here at the desk where maybe you're doing something else you have to be fully engaged >> i know you were excited about this it didn't show if you were >> i was nervous for the first one. >> remind me if there's someone in your ear or a judge >> rarely. the executive producer, and the team is amazing. he can be but hardly at all. what you will actually see, interestingly, is when there's an answer that you're uncertain ass to whether they've gotten correct, you look over at the -- some of the writers and they do
this or this that's actually what it is >> how do you know how to pronounce everything did you know katy did? >> i did you go over some of them ahead of time. but i didn't like when they wrote them out in that form in terms of how to pronounce it >> i thought the knot category, in particular, was difficult that's the knot. >> some of them are geography and knots. >> if it were easy, everybody would want to be on. >> i was curious how many of the answers you knew yourself. >> i knew quite a few. i didn't know that last one, though that was hard. after the break, don't miss my exclusive with ken moelis.
on this one, why, as the sponsor, did you pursue a price cut and what gave ryou the leverage to get it >> i was very annoyed last night and i guessed hilton because of wall dofr. and if you remember, that was the first transaction moelis and company had ever done 15 years ago. i was very disappointed. a great job, just dis pointing i missed it. on orcher and spacs in general, i think the interesting part is spac transactions are an interesting combination of merger, as you said, but really ipo. when we talk to people about doing a transaction, we say do you view this as an ipo? we view this as a beginning of a
journey and not the end. so, they're very different and the archer team agreed this was the beginning of the journey for them valuations have changed, rather dramatically, really from where these transactions were first attempted or first negotiated in february, march, april, that time period. and we wanted to reflect that. and it was great that the team at archer wanted to reflect that you want your team to create money with you, value and it's the beginning, not the end >> but clearly in any negotiation, you have to have some sort of leverage to get the other side to agree. i get archer's long-time view and applaud it but they're taking a lot less, aren't they i know there was consternation about litgations with boeing i know that went off the table
but was that a factor as well? >> they had the unfortunate whisk, controlled by boeing, accused of stealing trade secrets. archer did a tremendous amount of work and could not find anything on any of their computers that related to a whisk trade secret once we had that behind us, we talked to them about the market. and these stocks are very tricky and complicated agreements we had the ability to talk to them about how we were going to go back to the investors of atlas crest in the market and recommend the deal i would say it was a very collaborative conversation with founders who wanted the in --
the investor base is phenomenal. some of the leading investors in the world and i think they felt like we did, which is we just started this we need a plane in the air and we need our investor base to be ex excited to be on the journey with us. so t was pretty collaborative. >> and there's another one that has a much higher valuation than the company you're taking public, doesn't it >> their agreement, i think, is somewhere this week. we think the market is a very large market if you look at total adjustable market, in the future, we think a lot of people get around via these electric vertical take off and landing vehicles we actually wish them success as well there's so much room not like gm and ford had a
problem coexisting for many years. i wish them success. one of the attractive parts, i hope, of the company right now is it's about a third of the valuation of the largest competitor and they're on a similar track of putting planes in the air >> yes, 2024, i guess it is. let's talk a little more about the broader market and mma continues to be very important for moelis and company the kkr numbers took in $59 billion in a quarter, verses last year. is that a story, in your opinion? does that strength at the -- does that speak to the strength of pe? >> i think people are missing a dramatic trend in the market they're not missing it but it's getting stronger and stronger. that's the allocation of capitol
to total asset managers. it's like something i've never seen 367 the markets responded unbelievably to the covid. if you levered into that, you're going to have great returns. i suspect the majority of asset managers have significantly attracted returns. even more importantly, there was much less volatility experience. if you were in the public markets, somewhere in march, the end of last year, you may have been fired or someone is questioning your capitol allocation if you allocated to the alternative, they were liquidating. they didn't reflect the volatility of the market as much i think you're going to see a tremendous amount of capitol go into asset managers. and many create mma.
that's what they do for a living >> like nothing you've ever seen, ken? and you've seen a lot. i don't want to say you're old but. >> thank you raise 59 billion i remember, you probably do too, david, when there was alot of hype around the millennium fund. it was only 20 years ago and the whole fund was 5 billion or something when you start seeing 50 plus billion in a quarter, i've never seen anything like it. and i think it's accelerating. there's a lot of capitol and a lot is going to get allocated. >> so, i did take a look, as i
sometimes do, in terms of insider sales. you've sold a lot of stock after the ipo, i think you owned 31% of the company i mean, i don't have up to date numbers. but i had you down to 7%, you sold a lot of stock. what do you tell your investor base why you're doing that >> the good news is 7% of moelis is a significant amount of money. about 5 million shares it's my largest holding by far i still control a significant amount of the vote believe me, 7% of moelis and company is worth more than 30% when we went public seven years ago. we've created a lot of value for people and as you said i'm not getting any younger. you diversify your portfolio over time.
i'm pretty happy where i am at this point and veryhappy with the success of the company >> you're not going anywhere, though, right, ken you're still young, might be a little bit younger than me >> i feel differently about the age bracket now than i have ever and i'm not going anywhere in fact, it's become more fun. the amount of change in the economy and the challenge to your mind every day to keep up with what's happening, and then to see how effective the younger people in the industry have become because of the radical change in underlying technology and how much you need your young people that you've trained and brought up through the system. it's never been as much fun to be in this business. >> let's go. you're bringing the young people back to the office though, right? >> i assume they're going to come in because a lot of great stuff happens in the office. there will be fear of missing out by not being in the office
might not happen tomorrow. but you'll see about a year from now, people are going to say what are they missing? and they're going to want to come in. >> a lot of great stuff to talk about. always appreciate you spending time with us thank you. as we go to break, travel stocks under pressure. hotels, airlines some of the theme parks and cruise operators up as worries about ltdea variant remain k yo'g to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee?
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welcome back here is your update at this hour simone biles won the bronze in the balance beam competition, after skipping several events to concentrate on her mental health biles telling reporters that mental health needs to be talked about a lot more, especially for athletes >> we're always told to push through it but we're older now and can speak for ourselves. we're not just entertainment
we're human and there are thingz bhind the scenes we're trying to juggle with as well, on top of sports what's being called one of the greatest races in history. norway destroyed his own record in the hurdles final his time beat his old record by three-quarters of a seconds. at the age of 62, australian has become the oldest person to win a medal at the tokyo games he won silver and bronze in equestrian events. he says he has no plans to stop. and the u.s. is in first place, followed by china and russian athletes at 52 >> that's a graphic you could learn to love right there. it's been almost eight months since solar winds fell victim to what they're calling a sun brs tac.
here to discuss on the heels of a strong quarter to talk about the quarter and broader trends in ip security great to have you back good morning >> good morning to all of you. >> first, walk us through the mentality, of not just ceos but a lot of security desks are merging into one silos, yes? >> absolutely. what was previously an i.t. operations team, they've increased combination of it ops and what they call security ops. and there are new terms that are emerging as well >> so, where is demand right now? and i wonder if you're seeing additional tail winds where they're not having to spend as much money example, corporate travel, real
estate footprints. is any of that flowing into i.t. >> yes, as people continue to find ways of coming together, there is a lot of optionality, in terms of where they deploy their infrastructure and applications as you know, the the emergence of crowd is -- what we have seen is do we see and support a growing number of users. and it's coming from all over the world. one of the key areas of growth for us is in the international sector as well >> international is a big driver for us
we've significantly expanded our market presence. >> working with our partners, global system entegreaters, we expect to drive greater demand >> do you feelright now, at this point, that at least in the u.s. and north america, policy guidance from regulators, the government is clear for corporate leaders in terms of what kind of standards they should demand. not just from ip management software but cyber security as well >> how i would characterize that is a lot of public private partnership. some that i've been involved in the last eight months. and the guidance is becoming clo clearer by the day and share information more transparently across the industry
because we are really in a community. no single company is able to protect itself, no matter our competencies or resources against adversities and in particular, foreign adversities. there's a lot of collaboration and work to be done as well. >> to your specific pac last year, which is one of the worst evr for the u.s. government, it seems we're learning more every day. the justice department confirmed prosecutors had their offices hacked how much longer are we still going to learn new information about this >> i mean, we came to know about the most recent announcement along side with others when we came out with our announcement, we estimated 18,000 customers had downloaded the software what's important to note is a
lot of it was software and second to do anything of substance, they have to connect back to a second reserver. to the degree firewalls were configured a certain way -- all those numbers widal down to about 100 customers estimate and we continue to learn about those hundred on an ongoing basis. >> obviously our eyes are finely tuned to anymore episodes we hope we don't get. good to see you. solar winds. >> thank you as we go to break, take a look at shares of robinhood. r ading above the $38 ipo price fothe first time since their die bu
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underarmor shares are higher after reporting a strong beat on the top and bottom line. as consumers bought more of the merchandise at full prices and allowed the business to rely less on investors. that direct to consumer business the apparel segment was up don't miss later today we have an exclusive interview with underarmour ceo. i did have a chance to talk to patrick this morning about what went right it's a little bit of rising tide as retail has been working
but this was even better than analysts estimates he really credits it to the changes that he and his team made during covid-19 they used it as a reset time for under armour they really elevated the brand they're sharper on marketing, they're sharper on their strategy with stores, how and where they sell and did not hold back on innovation it's really helping them in terms of execution, improved the margins, which is a good story chris told me he feels really good about back to school, that they're going to have that season for the first time in a while. we're still in covid, where some days have good traffic in the shore and some days not so much. even the online business has been working well because of moves during the crisis.
>> when you out perform nike, that's why bear named it fresh pick, right? >> and now they're performing better they're pricesed more than 60 timesnext year's earnings. nike is around 40. under arm our has struggled. a more material sales lift once we get back from covid they're getting back shelf space, and getting cred again for things like the hover platform nike still continues to dominate in the sneaker world, obviously. adeedaus is performing exceptionally well they're dressing casually out.
>> we saw pepsi for a minute there. >> we should hit that as well. >> they're selling tropicana and naked. i certainly remember when they bought tropicana in 1998 you don't but. >> i kind of remember. but that was a time when juice was thought to be so much. it has been a low growth category for the last few years. all juice, that is low margins, and pepsico made a statement today. i talked to the cfo hugh johnston and chair, we aren't just in the business of buying, two multibillion dollar deals, sodastream and rock star energy, they're also looking to get rid of some of the brands that aren't performing as well. this one they sold to a private equity, but they're also retaining a 39% stake so they can participate in the upside. wasn't a bad deal. 1.5 times sales for the deal, $4.5 billion deal in total, and i think it speaks to the growth,
the fact that -- >> what do they divert thecash into >> johnston making it clear they're not directly using this to do more m&a they're going to invest in their business organically and continue to grow and it also makes them more of a food company. they have more than 50% of revenues in snacks with frito lay. but this cuts down exposure to drinks by about 4%, 5%, a little more, which differentiates them from coke. i think it will be interesting to see what coke does. minute maid and truly and is the juice leader and a category that isn't growing as much. >> kalyn is saying what you're saying, margins, we would note refrigerated juice is a drag on total business growth for the past four months >> it is expensive juice, oj prices going up. expensive for the consumer and very competitive private label is in there too with juices. we were talking about whether we buy -- i buy juice probably once a month? once every other month for my
kids because i prefer to give it to them when they need sugar rather than candy. but people aren't doing it >> except for jim. >> jim has one every morning i stopped doing that 20 years ago. there is a lot of sugar why it. >> and high calories what are you drinking instead? >> coffee an coffee, water, wine, that covers it. >> i'm coffee, water, scotch. >> a little tequila. chocolate milk if i need sugar, chocolate milk. >> big interview coming up on "techcheck." do not miss academy award winning actress and hello sunshine founder reese witherspoon with us along with the company's ceo sarah harden on that $900 million sale. it is coming up at 11:30 a.m. eastern time sptsetngought here dow up 86. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute
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quote/unquote opium and pushes for restrictions to prevent perceived negative impact on kids more on the show stick with us. more after this break. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world.
all right. there's another daily double what are you thinking? >> let's do 4,000, please. >> that will take you up to 27,400 if you're correct here's your include. this world leader announced his throne on march 15th, 1917, 16 months later he was ead. >> what's nicholas ii? >> nicholas ii is right. >> i love that show. i love that show. >> i just love your use of the word ha-za. >> if you watch the show, the great, on hulu, a great show, by the way, the czar there is -- everybody's saying ha-za >> it is old school to say ha-za. i don't think alex trebek said ha-za. are there going to be more throughout the week? >> i can't tell ou
i can't discuss anything having to do with future shows, you know that. >> your reactions were spot on and different all the time. >> yes, how you go about telling them no, especially no, i could have been nicer with my nos. i was, like, no. >> you got to move on. >> got to move on. got to keep going. >> i cannot wait for the rest of the week. >> thank you, sarah. good to have you on. speaking of moving on, that will do it for us on "squawk on the street." "techcheck" starts now good tuesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa today, tehe team behind hello sunshine will join us this hour on their new deal with black stone. is it game